The
Coda Minerals Ltd (ASX: COD) share price went gangbusters today. At close of trade, shares in the mineral explorer are sitting at $1.19 each. That’s an incredible 235.21% higher than yesterday’s closing price.
This monumental price rise comes after the company announced a “significant” iron oxide copper-gold (IOCG) result at its South Australian mine. IOCG ore can contain large amounts of copper, gold, and sometimes uranium.
Let’s take a closer look at today’s news.
Why the Coda Minerals share price struck proverbial gold
In a statement to the ASX, Coda Minerals, along with its 30% ownership partner
Torrens Mining Ltd (ASX: TRN) – also up an impressive 106% today, declared “highly encouraging” preliminary results at Emmie Bluffs Deep in its Elizabeth Creek project in SA.
Coda Minerals boosts copper project ownership
Coda Minerals has secured an additional 19 per cent interest in the Elizabeth Creek copper project in South Australia from Torrens Mining, increasing the company’s ownership of the project to 70 per cent.
The farm-in agreement between Coda and Terrace at Elizabeth Creek will see the two companies form a joint venture (JV) once the $8.62 million expenditure limit, which is expected in the first half of 2021.
Coda increased its stake by fulfilling the $2.75 million earning obligation under the farm-in agreement, with the company now having the option to add an additional 5 per cent interest by paying $1.5 million.
Gold-copper explorer makes ASX debut
Torrens Mining has made its first appearance on the ASX this week after raising $10 million to progress its gold and copper exploration in Australia and Papua New Guinea.
The Australian-based explorer holds gold, copper and cobalt prospects in the Victorian Goldfields and Elizabeth Creek in South Australia, along with a pending exploration license at the Laloki copper-gold project in Papua New Guinea.
The company raised $10 million through issuing 50 million shares at 20 cents each.
Torrens stated that its primary focus would be on its Victorian assets, as chairman Bill Bloking said the raising would assist in its development of gold and copper deposits.
Torrens Mining (ASX:TRN) debuts on ASX in the green
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Gold and copper explorer Torrens Mining (TRN) has commenced trading on the Australian Securities Exchange after completing a $10 million initial public offering (IPO)
On December 4, the company completed its IPO, when it issued 50 million shares for 20 cents each
Torrens says a strong exploration program is planned over the next two years, with over $5 million budgeted to explore its Victorian assets
On the market this afternoon, Torrens is up 45 per cent and trading at 29 cents each
Torrens Mining (TRN) has commenced trading on the Australian Securities Exchange after completing a $10 million initial public offering (IPO).